Title 31 — Money and Finance

Chapter 31 — Public Debt

§ 3101. Public debt limit

Statutory text

In this section, the current redemption value of an obligation issued on a discount basis and redeemable before maturity at the option of its holder is deemed to be the face amount of the obligation.

The face amount of obligations issued under this chapter and the face amount of obligations whose principal and interest are guaranteed by the United States Government (except guaranteed obligations held by the Secretary of the Treasury) may not be more than $14,294,000,000,000, outstanding at one time, subject to changes periodically made in that amount as provided by law through the congressional budget process described in Rule XLIX 1 of the Rules of the House of Representatives or as provided by section 3101A or otherwise.

For purposes of this section, the face amount, for any month, of any obligation issued on a discount basis that is not redeemable before maturity at the option of the holder of the obligation is an amount equal to the sum of—

the original issue price of the obligation, plus

the portion of the discount on the obligation attributable to periods before the beginning of such month (as determined under the principles of section 1272(a) of the Internal Revenue Code of 1986 without regard to any exceptions contained in paragraph (2) of such section).

Footnotes

1 See References in Text note below.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1982
Pub. L. 97–258 · 96 Stat. 938
Enacted · 31 U.S.C. § 3101
Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 938
Source evidence
Code source credit
Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 938
1983
Pub. L. 98–34 § 1(a) · 97 Stat. 196
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 98–34 substituted “$1,389,000,000,000” for “$400,000,000,000”
Target inherited from the preceding amendment note.
Source evidence
Code amendment note
Pub. L. 98–34 substituted “$1,389,000,000,000” for “$400,000,000,000”.
Enacted provision · exact public law section
(a) General Rule.— Subsection (b) of section 3101 of title 31, 96 Stat. 938. United States Code, is amended by striking out “$400,000,000,000” and inserting in lieu thereof “$1,389,000,000,000”.
1983
Pub. L. 98–161 · 97 Stat. 1012
Inserted · 31 U.S.C. § 3101(b)
Pub. L. 98–161 inserted “, or $1,490,000,000,000 on and after October 1, 1983,” after “$1,389,000,000,000”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 98–161 inserted “, or $1,490,000,000,000 on and after October 1, 1983,” after “$1,389,000,000,000”.
1984
Pub. L. 98–342 § 1(a) · 98 Stat. 313
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 98–342 substituted “$1,573,000,000,000” for “$1,389,000,000,000, or $1,490,000,000,000 on and after October 1, 1983,”
Target inherited from the preceding amendment note.
Source evidence
Code amendment note
Pub. L. 98–342 substituted “$1,573,000,000,000” for “$1,389,000,000,000, or $1,490,000,000,000 on and after October 1, 1983,”.
Enacted provision · exact public law section
(a) General Rule.— Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out “may not be more” Ante, p. 217. and all that follows down through “outstanding at one time” and insert in lieu thereof “may not be more than $1,573,000,000,000 outstanding at one time”.
1984
Pub. L. 98–475 · 98 Stat. 2206
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 98–475 substituted “$1,575,700,000,000, or $1,823,800,000,000 on and after October 1, 1984,” for “$1,573,000,000,000”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 98–475 substituted “$1,575,700,000,000, or $1,823,800,000,000 on and after October 1, 1984,” for “$1,573,000,000,000”.
1985
Pub. L. 99–177 § 1 · 99 Stat. 1037
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 99–177 substituted “$1,847,800,000,000, or $2,078,700,000,000 on and after October 1, 1985” for “$1,575,700,000,000, or $1,823,800,000,000 on and after October 1, 1984”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 99–177 substituted “$1,847,800,000,000, or $2,078,700,000,000 on and after October 1, 1985” for “$1,575,700,000,000, or $1,823,800,000,000 on and after October 1, 1984”.
Enacted provision · exact public law section
(1) the four men identified as the hijackers of the Achille Vessels. Terrorism. Leon Klinghoffer. Lauro were responsible for brutally murdering an innocent American citizen, Leon Klinghoffer, and for terrorizing hundreds of innocent crew members and passengers for two days;
1986
Pub. L. 99–384 · 100 Stat. 818
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 99–384, which directed that subsec. (b) be amended by “striking out the dollar limitation contained in such subsection and inserting in lieu thereof ‘$2,111,000,000,000,’ ”, was executed by substituting “$2,111,000,000,000,” for “$1,847,800,000,000, or $2,078,700,000,000 on and after October 1, 1985,” as the probable intent of Congress
Source evidence
Code amendment note
Subsec. (b). Pub. L. 99–384, which directed that subsec. (b) be amended by “striking out the dollar limitation contained in such subsection and inserting in lieu thereof ‘$2,111,000,000,000,’ ”, was executed by substituting “$2,111,000,000,000,” for “$1,847,800,000,000, or $2,078,700,000,000 on and after October 1, 1985,” as the probable intent of Congress.
1987
Pub. L. 100–119 § 1 · 101 Stat. 754
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 100–119 substituted “$2,800,000,000,000” for “$2,111,000,000,000”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 100–119 substituted “$2,800,000,000,000” for “$2,111,000,000,000”.
Enacted provision · exact public law section
(1) Congressional procedures— Section 254(b)(1)(A) of the Act is amended by striking out “the Comptroller General under 2 USC 904. section 251(c)(2)” and by inserting in lieu thereof “the Director of OMB under section 251(c)(2)”.
1989
Pub. L. 101–72 § 2 · 103 Stat. 182
Amended · 31 U.S.C. § 3101(c)
Pub. L. 101–72 amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: “The face amount of beneficial interests and participations (except those held by their issuer) issued under section 302(c) of the National Housing Act (12 U.S.C. 1717(c)) from July 1, 1967, through June 30, 1968, and outstanding at any time shall be included in the amount taken into account in deciding whether the face amount requirement of subsection (b) of this section has been exceeded. This subsection does not require a change in the budgetary accounting for beneficial interests and participations.”
Source evidence
Code amendment note
Subsec. (c). Pub. L. 101–72 amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: “The face amount of beneficial interests and participations (except those held by their issuer) issued under section 302(c) of the National Housing Act (12 U.S.C. 1717(c)) from July 1, 1967, through June 30, 1968, and outstanding at any time shall be included in the amount taken into account in deciding whether the face amount requirement of subsection (b) of this section has been exceeded. This subsection does not require a change in the budgetary accounting for beneficial interests and participations.”
Enacted provision · exact public law section
SEC. 2. CURRENT ACCRUAL VALUE OF CERTAIN OBLIGATIONS ISSUED ON A DISCOUNT BASIS. Subsection (c) of section 3101 of title 31, United States Code, is amended to read as follows: “(c) For purposes of this section, the face amount, for any month, of any obligation issued on a discount basis that is not redeemable before maturity at the option of the holder of the obligation is an amount equal to the sum of— “(1) the original issue price of the obligation, plus “(2) the portion of the discount on the obligation attributable to periods before the beginning of such month (as determined under the principles of section 1272(a) of the Internal Revenue Code of 1986 without regard to any exceptions contained in paragraph (2) of such section).”.
1989
Pub. L. 101–140 § 1 · 103 Stat. 830
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 101–140 substituted “$3,122,700,000,000” for “$2,800,000,000,000”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 101–140 substituted “$3,122,700,000,000” for “$2,800,000,000,000”.
Enacted provision · exact public law section
(1) Each provision of law amended by subsection (b), (c), (d)(1), or (g) of section 1151 of the Tax Reform Act of 1986 is amended to read as if the amendments made by such subsection had not been enacted.
1990
Revenue Reconciliation Act of 1990
Pub. L. 101–508 title XI § 11901 · 104 Stat. 1388
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 101–508 substituted “$4,145,000,000,000” for “$3,122,700,000,000”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 101–508 substituted “$4,145,000,000,000” for “$3,122,700,000,000”.
Enacted provision · exact public law section
SEC. 11901. INCREASE IN PUBLIC DEBT LIMIT. Subsection (b) of section 3101 of title 31, United States Code, is amended by striking the dollar limitation contained in such subsection and inserting “$4,145,000,000,000”. (b) Restoration of Trust Funds for 1990.— (1) In general.— (A) Obligations issued.— Except as provided in paragraph (2), within 30 days after the expiration of any debt issuance suspension period to which this subsection applies, the Secretary of the Treasury shall issue to each Federal fund obligations under chapter 31 of title 31, United States Code, which bear such issue dates, interest rates, and maturity dates as are necessary to ensure that, after such obligations are issued, the holdings of such Federal fund will replicate to the maximum extent practicable the obligations that would have been held by such Federal fund if any— (i) failure to invest amounts in such Federal fund (or any disinvestment) resulting from the limitation of section 3101(b) of title 31, United States Code, had not occurred, and (ii) issuance of such obligations had occurred immediately on the expiration of the debt issuance suspension period. (B) Interest credited.— On the first normal interest payment date or within 30 days after the expiration of any debt issuance suspension period (whichever is later) to which this subsection applies, the Secretary of the Treasury shall credit to each Federal fund an amount determined by the Secretary, after taking into account the actions taken pursuant to subparagraph (A), to be equal to the income lost by such Federal fund by reason of any failure to invest amounts in such Federal fund (or any disinvestment) resulting from the limitation of such section 3101(b), including any income lost between the expiration of the debt issuance suspension period and the date of the credit. (2) Interest on market-based obligations.— With respect to any Federal fund which invests in market-based special obligations, on the expiration of a debt issuance suspension period to which this subsection applies, the Secretary of the Treasury shall immediately credit to such fund an amount equal to the interest that would have been earned by such fund during the debt issuance suspension period if the daily balance in such fund that the Secretary was unable to invest by reason of the limitation of such section 3101(b) had been invested each day during such period, overnight, in obligations under chapter 31 of title 31, United States Code, earning interest at a rate determined by the Secretary in accordance with the standard practice of the Department of the Treasury. (3) Debt issuance suspension periods to which subsection applies.— This subsection shall apply to debt issuance suspension periods beginning on or after October 15, 1990, and ending before January 1, 1991. (4) Credited amounts treated as interest.— All amounts credited under this subsection shall be treated as interest on obligations issued under chapter 31 of title 31, United States Code, for all purposes of Federal law. (5) Definitions.— For purposes of this subsection— (A) Debt issuance suspension period.— The term “debt issuance suspension period” means any period for which the Secretary of the Treasury determines that the issuance of obligations of the United States sufficient to conduct the orderly financial operations of the United States may not be made without exceeding the limitation imposed by section 3101(b) of title 31, United States Code. (B) Federal fund.— The term “Federal fund” means any Federal trust fund or Government account established pursuant to Federal law to which the Secretary of the Treasury has issued or is expressly authorized by law directly to issue obligations under chapter 31 of title 31, United States Code, in respect of public money, money otherwise required to be deposited in the Treasury, or amounts appropriated; except that such term shall not include the Civil Service Retirement and Disability Fund or the Thrift Savings Fund of the Federal Employees’ Retirement System.
1993
Revenue Reconciliation Act of 1993
Pub. L. 103–66 title XIII § 13411(a) · 107 Stat. 312
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 103–66 substituted “$4,900,000,000,000” for “$4,145,000,000,000”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 103–66 substituted “$4,900,000,000,000” for “$4,145,000,000,000”.
Enacted provision · exact public law section
(a) General Rule.— Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof “$4,900,000,000,000”.
1996
Contract with America Advancement Act of 1996
Pub. L. 104–121 title III § 301 · 110 Stat. 847
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 104–121 substituted “$5,500,000,000,000” for “$4,900,000,000,000”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 104–121 substituted “$5,500,000,000,000” for “$4,900,000,000,000”.
Enacted provision · exact public law section
SEC. 301. INCREASE IN PUBLIC DEBT LIMIT. Subsection (b) of section 3101 of title 31, United States Code, is amended by striking the dollar limitation contained in such subsection and inserting “$5,500,000,000,000”.
1997
Balanced Budget Act of 1997
Pub. L. 105–33 title V § 5701 · 111 Stat. 251
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 105–33 substituted “$5,950,000,000,000” for “$5,500,000,000,000”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 105–33 substituted “$5,950,000,000,000” for “$5,500,000,000,000”.
Enacted provision · exact public law section
SEC. 5701. INCREASE IN PUBLIC DEBT LIMIT. Subsection (b) of section 3101 of title 31, United States Code, is amended by striking the dollar amount contained therein and inserting “$5,950,000,000,000”.
2002
Pub. L. 107–199 § 1 · 116 Stat. 734
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 107–199 substituted “$6,400,000,000,000” for “$5,950,000,000,000”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 107–199 substituted “$6,400,000,000,000” for “$5,950,000,000,000”.
Enacted provision · exact public law section
SECTION 1. INCREASE IN PUBLIC DEBT LIMIT. Subsection (b) of section 3101 of title 31, United States Code, is amended by striking “$5,950,000,000,000” and inserting “$6,400,000,000,000”.
2003
Pub. L. 108–24 · 117 Stat. 710
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 108–24 substituted “$7,384,000,000,000” for “$6,400,000,000,000”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 108–24 substituted “$7,384,000,000,000” for “$6,400,000,000,000”.
2004
Pub. L. 108–415 § 1 · 118 Stat. 2337
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 108–415 substituted “$8,184,000,000,000” for “$7,384,000,000,000”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 108–415 substituted “$8,184,000,000,000” for “$7,384,000,000,000”.
Enacted provision · exact public law section
SECTION 1. INCREASE IN PUBLIC DEBT LIMIT. Subsection (b) of section 3101 of title 31, United States Code, is amended by striking “$7,384,000,000,000” and inserting “$8,184,000,000,000”.
2006
Pub. L. 109–182 · 120 Stat. 289
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 109–182 substituted “$8,965,000,000,000” for “$8,184,000,000,000”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 109–182 substituted “$8,965,000,000,000” for “$8,184,000,000,000”.
2007
Pub. L. 110–91 · 121 Stat. 988
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 110–91 substituted “$9,815,000,000,000” for “$8,965,000,000,000”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 110–91 substituted “$9,815,000,000,000” for “$8,965,000,000,000”.
2008
Housing Assistance Tax Act of 2008
Pub. L. 110–289 div. C title III § 3083 · 122 Stat. 2654
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 110–289 substituted “$10,615,000,000,000” for “$9,815,000,000,000”
Target inherited from the preceding amendment note.
Source evidence
Code amendment note
Pub. L. 110–289 substituted “$10,615,000,000,000” for “$9,815,000,000,000”.
Enacted provision · exact public law section
SEC. 3083. INCREASE IN STATUTORY LIMIT ON THE PUBLIC DEBT. Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $10,615,000,000,000.
2008
Emergency Economic Stabilization Act of 2008
Pub. L. 110–343 div. A title I § 122 · 122 Stat. 3765
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 110–343 substituted “$11,315,000,000,000” for “$10,615,000,000,000”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 110–343 substituted “$11,315,000,000,000” for “$10,615,000,000,000”.
Enacted provision · exact public law section
SEC. 122. INCREASE IN STATUTORY LIMIT ON THE PUBLIC DEBT. Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting “$11,315,000,000,000”.
2009
American Recovery and Reinvestment Act of 2009
Pub. L. 111–5 div. B title I § 1604 · 123 Stat. 115
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 111–5 substituted “$12,104,000,000,000” for “$11,315,000,000,000”
Target inherited from the preceding amendment note.
Source evidence
Code amendment note
Pub. L. 111–5 substituted “$12,104,000,000,000” for “$11,315,000,000,000”.
Enacted provision · exact public law section
Sec. 1604. LIMIT ON FUNDS None of the funds appropriated or otherwise made available in this Act may be used by any State or local government, or any private entity, for any casino or other gambling establishment, aquarium, zoo, golf course, or swimming pool.
2009
Pub. L. 111–123 § 1 · 123 Stat. 3483
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 111–123 substituted “$12,394,000,000,000” for “$12,104,000,000,000”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 111–123 substituted “$12,394,000,000,000” for “$12,104,000,000,000”.
Enacted provision · exact public law section
SECTION 1. CONTINUED FINANCING OF GOVERNMENT OPERATIONS. Subsection (b) of section 3101 of title 31, United States Code, is amended by striking the dollar amount contained therein and inserting “$12,394,000,000,000”.
2010
Pub. L. 111–139 · 124 Stat. 8
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 111–139 substituted “$14,294,000,000,000” for “$12,394,000,000,000”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 111–139 substituted “$14,294,000,000,000” for “$12,394,000,000,000”.
2011
Pub. L. 112–25 title III § 301(a)(1) · 125 Stat. 251
Substituted · 31 U.S.C. § 3101(b)
Pub. L. 112–25 substituted “or as provided by section 3101A or otherwise” for “or otherwise”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 112–25 substituted “or as provided by section 3101A or otherwise” for “or otherwise”.
Enacted provision · exact public law section
(1) in section 3101(b), by striking “or otherwise” and inserting “or as provided by section 3101A or otherwise”; and

17 of 25 references resolved to an enrolled provision · 8 partial

Notes

historicalAndRevision

Historical and Revision Notes
Revised Section	Source (U.S. Code)	Source (Statutes at Large)
3101(a)	31:757b(last sentence).	Sept. 24, 1917, ch. 56, 40 Stat. 288, § 21; added Feb. 4, 1935, ch. 5, § 5, 49 Stat. 21; May 26, 1938, ch. 285, § 2, 52 Stat. 447; July 20, 1939, ch. 336, 53 Stat. 1071; June 25, 1940, ch. 419, § 302, 54 Stat. 526; Feb. 19, 1941, ch. 7, § 2(a), 55 Stat. 7; Mar. 28, 1942, ch. 205, § 2, 56 Stat. 189; Apr. 11, 1943, ch. 52, § 2, 57 Stat. 63; June 9, 1944, ch. 240, § 2, 58 Stat. 272; Apr. 3, 1945, ch. 51, § 2, 59 Stat. 47; June 26, 1946, ch. 501, § 1, 60 Stat. 316; restated Sept. 2, 1958, Pub. L. 85–912, 72 Stat. 1758; June 30, 1959, Pub. L. 86–74, § 1, 73 Stat. 156; June 30, 1967, Pub. L. 90–39, § 1, 81 Stat. 99; Apr. 7, 1969, Pub. L. 91–8, § 1, 83 Stat. 7; June 30, 1970, Pub. L. 91–301, § 1, 84 Stat. 368; Mar. 17, 1971, Pub. L. 92–5, § 1, 85 Stat. 5; Sept. 29, 1979, Pub. L. 96–78, § 202, 93 Stat. 591.
3101(b)	31:757b(1st sentence).
3101(c)	31:757b–1.	June 30, 1967, Pub. L. 90–39, § 2, 81 Stat. 99.

In subsection (a), the words “is deemed to be” are substituted for “shall be considered . . . to be” because a legal fiction is intended.

Editorial Notes

References in Text

The Rules of the House of Representatives for the One Hundred Sixth Congress were adopted and amended generally by House Resolution No. 5, One Hundred Sixth Congress, Jan. 6, 1999. Provisions formerly appearing in Rule XLIX, referred to in subsec. (b), were contained in Rule XXIII, which was subsequently repealed by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.

Section 1272(a) of the Internal Revenue Code of 1986, referred to in subsec. (c), is classified to section 1272(a) of Title 26, Internal Revenue Code.

Amendments1983–2011 · 19 rounds

2011

Subsec. (b). Pub. L. 112–25 substituted “or as provided by section 3101A or otherwise” for “or otherwise”.

2010

Subsec. (b). Pub. L. 111–139 substituted “$14,294,000,000,000” for “$12,394,000,000,000”.

2009

Subsec. (b). Pub. L. 111–123 substituted “$12,394,000,000,000” for “$12,104,000,000,000”.

Pub. L. 111–5 substituted “$12,104,000,000,000” for “$11,315,000,000,000”.

2008

Subsec. (b). Pub. L. 110–343 substituted “$11,315,000,000,000” for “$10,615,000,000,000”.

Pub. L. 110–289 substituted “$10,615,000,000,000” for “$9,815,000,000,000”.

2007

Subsec. (b). Pub. L. 110–91 substituted “$9,815,000,000,000” for “$8,965,000,000,000”.

2006

Subsec. (b). Pub. L. 109–182 substituted “$8,965,000,000,000” for “$8,184,000,000,000”.

2004

Subsec. (b). Pub. L. 108–415 substituted “$8,184,000,000,000” for “$7,384,000,000,000”.

2003

Subsec. (b). Pub. L. 108–24 substituted “$7,384,000,000,000” for “$6,400,000,000,000”.

2002

Subsec. (b). Pub. L. 107–199 substituted “$6,400,000,000,000” for “$5,950,000,000,000”.

1997

Subsec. (b). Pub. L. 105–33 substituted “$5,950,000,000,000” for “$5,500,000,000,000”.

1996

Subsec. (b). Pub. L. 104–121 substituted “$5,500,000,000,000” for “$4,900,000,000,000”.

1993

Subsec. (b). Pub. L. 103–66 substituted “$4,900,000,000,000” for “$4,145,000,000,000”.

1990

Subsec. (b). Pub. L. 101–508 substituted “$4,145,000,000,000” for “$3,122,700,000,000”.

1989

Subsec. (b). Pub. L. 101–140 substituted “$3,122,700,000,000” for “$2,800,000,000,000”.

Subsec. (c). Pub. L. 101–72 amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: “The face amount of beneficial interests and participations (except those held by their issuer) issued under section 302(c) of the National Housing Act (12 U.S.C. 1717(c)) from July 1, 1967, through June 30, 1968, and outstanding at any time shall be included in the amount taken into account in deciding whether the face amount requirement of subsection (b) of this section has been exceeded. This subsection does not require a change in the budgetary accounting for beneficial interests and participations.”

1987

Subsec. (b). Pub. L. 100–119 substituted “$2,800,000,000,000” for “$2,111,000,000,000”.

1986

Subsec. (b). Pub. L. 99–384, which directed that subsec. (b) be amended by “striking out the dollar limitation contained in such subsection and inserting in lieu thereof ‘$2,111,000,000,000,’ ”, was executed by substituting “$2,111,000,000,000,” for “$1,847,800,000,000, or $2,078,700,000,000 on and after October 1, 1985,” as the probable intent of Congress.

1985

Subsec. (b). Pub. L. 99–177 substituted “$1,847,800,000,000, or $2,078,700,000,000 on and after October 1, 1985” for “$1,575,700,000,000, or $1,823,800,000,000 on and after October 1, 1984”.

1984

Subsec. (b). Pub. L. 98–475 substituted “$1,575,700,000,000, or $1,823,800,000,000 on and after October 1, 1984,” for “$1,573,000,000,000”.

Pub. L. 98–342 substituted “$1,573,000,000,000” for “$1,389,000,000,000, or $1,490,000,000,000 on and after October 1, 1983,”.

1983

Subsec. (b). Pub. L. 98–161 inserted “, or $1,490,000,000,000 on and after October 1, 1983,” after “$1,389,000,000,000”.

Pub. L. 98–34 substituted “$1,389,000,000,000” for “$400,000,000,000”.

Statutory Notes and Related Subsidiaries

Temporary Debt Limit Extension

Pub. L. 119–21, title VII, § 72001, July 4, 2025, 139 Stat. 332, provided that: “The limitation under section 3101(b) of title 31, United States Code, as most recently increased by section 401(b) of Public Law 118–5 (31 U.S.C. 3101 note), is increased by $5,000,000,000,000.”

Pub. L. 118–5, div. D, § 401, June 3, 2023, 137 Stat. 48, provided that:

“(a)
In General.—
Section 3101(b) of title 31, United States Code, shall not apply for the period beginning on the date of the enactment of this Act [June 3, 2023] and ending on January 1, 2025.
#
“(b)
Special Rule Relating to Obligations Issued During Extension Period.—
Effective on January 2, 2025, the limitation in effect under section 3101(b) of title 31, United States Code, shall be increased to the extent that—
“(1)
the face amount of obligations issued under chapter 31 of such title and the face amount of obligations whose principal and interest are guaranteed by the United States Government (except guaranteed obligations held by the Secretary of the Treasury) outstanding on January 2, 2025, exceeds
#
“(2)
the face amount of such obligations outstanding on the date of the enactment of this Act.
#
#
“(c)
Restoring Congressional Authority Over the National Debt.—
“(1)
Extension limited to necessary obligations.—
An obligation shall not be taken into account under subsection (b)(1) unless the issuance of such obligation was necessary to fund a commitment incurred pursuant to law by the Federal Government that required payment before January 2, 2025.
#
“(2)
Prohibition on creation of cash reserve during extension period.—
The Secretary of the Treasury shall not issue obligations during the period specified in subsection (a) for the purpose of increasing the cash balance above normal operating balances in anticipation of the expiration of such period.”
#
#

Pub. L. 117–73, Dec. 16, 2021, 135 Stat. 1514, provided: “That the limitation under section 3101(b) of title 31, United States Code, as most recently increased by Public Law 117–50 (31 U.S.C. 3101 note), is increased by $2,500,000,000,000.”

Pub. L. 117–50, § 1, Oct. 14, 2021, 135 Stat. 407, provided that: “The limitation under section 3101(b) of title 31, United States Code, as most recently increased by section 301 of the Bipartisan Budget Act of 2019 [Pub. L. 116–37] (31 U.S.C. 3101 note), is increased by $480,000,000,000.”

Pub. L. 116–37, title III, § 301, Aug. 2, 2019, 133 Stat. 1057, provided that:

“(a)
In General.—
Section 3101(b) of title 31, United States Code, shall not apply for the period beginning on the date of the enactment of this Act [Aug. 2, 2019] and ending on July 31, 2021.
#
“(b)
Special Rule Relating to Obligations Issued During Extension Period.—
Effective on August 1, 2021, the limitation in effect under section 3101(b) of title 31, United States Code, shall be increased to the extent that—
“(1)
the face amount of obligations issued under chapter 31 of such title and the face amount of obligations whose principal and interest are guaranteed by the United States Government (except guaranteed obligations held by the Secretary of the Treasury) outstanding on August 1, 2021, exceeds
#
“(2)
the face amount of such obligations outstanding on the date of the enactment of this Act.
#
#
“(c)
Extension Limited to Necessary Obligations.—
An obligation shall not be taken into account under subsection (b)(1) unless the issuance of such obligation was necessary to fund a commitment incurred pursuant to law by the Federal Government that required payment before August 1, 2021.”
#

Pub. L. 115–123, div. C, title III, § 30301, Feb. 9, 2018, 132 Stat. 132, provided that:

“(a)
In General.—
Section 3101(b) of title 31, United States Code, shall not apply for the period beginning on the date of the enactment of this Act [Feb. 9, 2018] and ending on March 1, 2019.
#
“(b)
Special Rule Relating to Obligations Issued During Extension Period.—
Effective on March 2, 2019, the limitation in effect under section 3101(b) of title 31, United States Code, shall be increased to the extent that—
“(1)
the face amount of obligations issued under chapter 31 of such title and the face amount of obligations whose principal and interest are guaranteed by the United States Government (except guaranteed obligations held by the Secretary of the Treasury) outstanding on March 2, 2019, exceeds
#
“(2)
the face amount of such obligations outstanding on the date of the enactment of this Act.
#
#
“(c)
Restoring Congressional Authority Over the National Debt.—
“(1)
Extension limited to necessary obligations.—
An obligation shall not be taken into account under subsection (b)(1) unless the issuance of such obligation was necessary to fund a commitment incurred pursuant to law by the Federal Government that required payment before March 2, 2019.
#
“(2)
Prohibition on creation of cash reserve during extension period.—
The Secretary of the Treasury shall not issue obligations during the period specified in subsection (a) for the purpose of increasing the cash balance above normal operating balances in anticipation of the expiration of such period.”
#
#

Pub. L. 115–56, div. C, § 101, Sept. 8, 2017, 131 Stat. 1139, provided that:

“(a)
In General.—
Section 3101(b) of title 31, United States Code, shall not apply for the period beginning on the date of enactment of this Act [Sept. 8, 2017] and ending on December 8, 2017.
#
“(b)
Special Rule Relating to Obligations Issued During Extension Period.—
Effective on December 9, 2017, the limitation in effect under section 3101(b) of title 31, United States Code, shall be increased to the extent that—
“(1)
the face amount of obligations issued under chapter 31 of such title and the face amount of obligations whose principal and interest are guaranteed by the United States Government (except guaranteed obligations held by the Secretary of the Treasury) outstanding on December 9, 2017, exceeds
#
“(2)
the face amount of such obligations outstanding on the date of the enactment of this Act.
#
#
“(c)
Restoring Congressional Authority Over the National Debt.—
“(1)
Extension limited to necessary obligations.—
An obligation shall not be taken into account under section 101(b)(1) unless the issuance of such obligation was necessary to fund a commitment incurred pursuant to law by the Federal Government that required payment before December 9, 2017.
#
“(2)
Prohibition on creation of cash reserve during extension period.—
The Secretary of the Treasury shall not issue obligations during the period specified in section 101(a) for the purpose of increasing the cash balance above normal operating balances in anticipation of the expiration of such period.”
#
#

Pub. L. 114–74, title IX, §§ 901, 902, Nov. 2, 2015, 129 Stat. 620, 621, provided that:

“SEC. 901. TEMPORARY EXTENSION OF PUBLIC DEBT LIMIT.
“(a)
In General.—
Section 3101(b) of title 31, United States Code, shall not apply for the period beginning on the date of the enactment of this Act [Nov. 2, 2015] and ending on March 15, 2017.
#
“(b)
Special Rule Relating to Obligations Issued During Extension Period.—
Effective March 16, 2017, the limitation in effect under section 3101(b) of title 31, United States Code, shall be increased to the extent that—
“(1)
the face amount of obligations issued under chapter 31 of such title and the face amount of obligations whose principal and interest are guaranteed by the United States Government (except guaranteed obligations held by the Secretary of the Treasury) outstanding on March 16, 2017, exceeds
#
“(2)
the face amount of such obligations outstanding on the date of the enactment of this Act.
#
#
#
“SEC. 902. RESTORING CONGRESSIONAL AUTHORITY OVER THE NATIONAL DEBT.
“(a)
Extension Limited to Necessary Obligations.—
An obligation shall not be taken into account under section 901(b)(1) unless the issuance of such obligation was necessary to fund a commitment incurred pursuant to law by the Federal Government that required payment before March 16, 2017.
#
“(b)
Prohibition on Creation of Cash Reserve During Extension Period.—
The Secretary of the Treasury shall not issue obligations during the period specified in section 901(a) for the purpose of increasing the cash balance above normal operating balances in anticipation of the expiration of such period.”
#
#

Pub. L. 113–83, Feb. 15, 2014, 128 Stat. 1011, provided that:

“SECTION 1. SHORT TITLE.
“This Act may be cited as the ‘Temporary Debt Limit Extension Act’.
#
“SEC. 2. TEMPORARY EXTENSION OF PUBLIC DEBT LIMIT.
“(a)
In General.—
Section 3101(b) of title 31, United States Code, shall not apply for the period beginning on the date of the enactment of this Act [Feb. 15, 2014] and ending on March 15, 2015.
#
“(b)
Special Rule Relating to Obligations Issued During Extension Period.—
Effective March 16, 2015, the limitation in effect under section 3101(b) of title 31, United States Code, shall be increased to the extent that—
“(1)
the face amount of obligations issued under chapter 31 of such title and the face amount of obligations whose principal and interest are guaranteed by the United States Government (except guaranteed obligations held by the Secretary of the Treasury) outstanding on March 16, 2015, exceeds
#
“(2)
the face amount of such obligations outstanding on the date of the enactment of this Act.
#
#
#
“SEC. 3. RESTORING CONGRESSIONAL AUTHORITY OVER THE NATIONAL DEBT.
“(a)
Extension Limited to Necessary Obligations.—
An obligation shall not be taken into account under section 2(b)(1) unless the issuance of such obligation was necessary to fund a commitment incurred pursuant to law by the Federal Government that required payment before March 16, 2015.
#
“(b)
Prohibition on Creation of Cash Reserve During Extension Period.—
The Secretary of the Treasury shall not issue obligations during the period specified in section 2(a) for the purpose of increasing the cash balance above normal operating balances in anticipation of the expiration of such period.”
#
#

Default Prevention

Pub. L. 113–46, div. B, § 1002, Oct. 17, 2013, 127 Stat. 566, provided that:

“(a)
Short Title.—
This section may be cited as the ‘Default Prevention Act of 2013’.
#
“(b)
Certification.—
Not later than 3 days after the date of enactment of this Act [Oct. 17, 2013], the President may submit to Congress a written certification that absent a suspension of the limit under section 3101(b) of title 31, United States Code, the Secretary of the Treasury would be unable to issue debt to meet existing commitments.
#
“(c)
Suspension.—
“(1)
In general.—
Section 3101(b) of title 31, United States Code, shall not apply for the period beginning on the date on which the President submits to Congress a certification under subsection (b) and ending on February 7, 2014.
#
“(2)
Special rule relating to obligations issued during suspension period.—
Effective February 8, 2014, the limitation in section 3101(b) of title 31, United States Code, as increased by section 3101A of such title and section 2 of the No Budget, No Pay Act of 2013 [Pub. L. 113–3] (31 U.S.C. 3101 note), is increased to the extent that—
“(A)
the face amount of obligations issued under chapter 31 of such title and the face amount of obligations whose principal and interest are guaranteed by the United States Government (except guaranteed obligations held by the Secretary of the Treasury) outstanding on February 8, 2014, exceeds
#
“(B)
the face amount of such obligations outstanding on the date of enactment of this Act [Oct. 17, 2013].
#
An obligation shall not be taken into account under subparagraph (A) unless the issuance of such obligation was necessary to fund a commitment incurred by the Federal Government that required payment before February 8, 2014.
#
#
“(d)
Disapproval.—
If there is enacted into law within 22 calendar days after Congress receives a written certification by the President under subsection (b) a joint resolution disapproving the President’s exercise of authority to suspend the debt ceiling under subsection (e), effective on the date of enactment of the joint resolution, subsection (c) is amended to read as follows:
“ ‘(c) Suspension.—
“ ‘(1) In general.—Section 3101(b) of title 31, United States Code, shall not apply for the period beginning on the date on which the President submits to Congress a certification under subsection (b) and ending on the date of enactment of the joint resolution pursuant to section 1002(e) of the Continuing Appropriations Act, 2014 [Pub. L. 113–46; subsec. (e) of this note].
“ ‘(2) Special rule relating to obligations issued during suspension period.—Effective on the day after the date of enactment of the joint resolution pursuant to section 1002(e) of the Continuing Appropriations Act, 2014, the limitation in section 3101(b) of title 31, United States Code, as increased by section 3101A of such title and section 2 of the No Budget, No Pay Act of 2013 [Pub. L. 113–3] (31 U.S.C. 3101 note), is increased to the extent that—
“ ‘(A) the face amount of obligations issued under chapter 31 of such title and the face amount of obligations whose principal and interest are guaranteed by the United States Government (except guaranteed obligations held by the Secretary of the Treasury) outstanding on the day after the date of enactment of the joint resolution pursuant to section 1002(e) of the Continuing Appropriations Act, 2014, exceeds
“ ‘(B) the face amount of such obligations outstanding on the date of enactment of this Act [Oct. 17, 2013].
An obligation shall not be taken into account under subparagraph (A) unless the issuance of such obligation was necessary to fund a commitment incurred by the Federal Government that required payment before the day after the date of enactment of the joint resolution pursuant to section 1002(e) of the Continuing Appropriations Act, 2014 [Pub. L. 113–46; subsec. (e) of this note].’.
#
“(e)
Disapproval Process.—
“(1)
Contents of joint resolution.—
For the purpose of this subsection, the term ‘joint resolution’ means only a joint resolution—
“(A)
disapproving the President’s exercise of authority to suspend the debt limit that is introduced within 14 calendar days after the date on which the President submits to Congress the certification under subsection (b);
#
“(B)
which does not have a preamble;
#
“(C)
the title of which is only as follows: ‘Joint resolution relating to the disapproval of the President’s exercise of authority to suspend the debt limit, as submitted under section 1002(b) of the Continuing Appropriations Act, 2014 on ______’ (with the blank containing the date of such submission); and
#
“(D)
the matter after the resolving clause of which is only as follows: ‘That Congress disapproves of the President’s exercise of authority to suspend the debt limit, as exercised pursuant to the certification under section 1002(b) of the Continuing Appropriations Act, 2014.’.
#
#
“(2)
Expedited consideration in house of representatives.—
“(A)
Reporting and discharge.—
Any committee of the House of Representatives to which a joint resolution is referred shall report it to the House of Representatives without amendment not later than 5 calendar days after the date of introduction of a joint resolution described in paragraph (1). If a committee fails to report the joint resolution within that period, the committee shall be discharged from further consideration of the joint resolution and the joint resolution shall be referred to the appropriate calendar.
#
“(B)
Proceeding to consideration.—
After each committee authorized to consider a joint resolution reports it to the House of Representatives or has been discharged from its consideration, it shall be in order, not later than the sixth day after introduction of a joint resolution under paragraph (1), to move to proceed to consider the joint resolution in the House of Representatives. All points of order against the motion are waived. Such a motion shall not be in order after the House of Representatives has disposed of a motion to proceed on a joint resolution. The previous question shall be considered as ordered on the motion to its adoption without intervening motion. The motion shall not be debatable. A motion to reconsider the vote by which the motion is disposed of shall not be in order.
#
“(C)
Consideration.—
The joint resolution shall be considered as read. All points of order against the joint resolution and against its consideration are waived. The previous question shall be considered as ordered on the joint resolution to its passage without intervening motion except 2 hours of debate equally divided and controlled by the proponent and an opponent. A motion to reconsider the vote on passage of the joint resolution shall not be in order.
#
#
“(3)
Expedited procedure in senate.—
“(A)
Reconvening.—
Upon receipt of a certification under subsection (b), if the Senate would otherwise be adjourned, the majority leader of the Senate, after consultation with the minority leader of the Senate, shall notify the Members of the Senate that, pursuant to this subsection, the Senate shall convene not later than the thirteenth calendar day after receipt of such certification.
#
“(B)
Placement on calendar.—
Upon introduction in the Senate, the joint resolution shall be immediately placed on the calendar.
#
“(C)
Floor consideration.—
“(i)
In general.—
Notwithstanding rule XXII of the Standing Rules of the Senate, it is in order at any time during the period beginning on the day after the date on which Congress receives a certification under subsection (b) and ending on the 6th day after the date of introduction of a joint resolution under paragraph (1) (even if a previous motion to the same effect has been disagreed to) to move to proceed to the consideration of the joint resolution, and all points of order against the joint resolution (and against consideration of the joint resolution) are waived. The motion to proceed is not debatable. The motion is not subject to a motion to postpone. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. If a motion to proceed to the consideration of the joint resolution is agreed to, the joint resolution shall remain the unfinished business until disposed of.
#
“(ii)
Consideration.—
Consideration of the joint resolution, and on all debatable motions and appeals in connection therewith, shall be limited to not more than 10 hours, which shall be divided equally between the majority and minority leaders or their designees. A motion further to limit debate is in order and not debatable. An amendment to, or a motion to postpone, or a motion to proceed to the consideration of other business, or a motion to recommit the joint resolution is not in order.
#
“(iii)
Vote on passage.—
If the Senate has voted to proceed to a joint resolution, the vote on passage of the joint resolution shall occur immediately following the conclusion of consideration of the joint resolution, and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the Senate.
#
“(iv)
Rulings of the chair on procedure.—
Appeals from the decisions of the Chair relating to the application of the rules of the Senate, as the case may be, to the procedure relating to a joint resolution shall be decided without debate.
#
#
#
“(4)
Amendment not in order.—
A joint resolution of disapproval considered pursuant to this subsection shall not be subject to amendment in either the House of Representatives or the Senate.
#
“(5)
Coordination with action by other house.—
“(A)
In general.—
If, before passing the joint resolution, one House receives from the other a joint resolution—
“(i)
the joint resolution of the other House shall not be referred to a committee; and
#
“(ii)
the procedure in the receiving House shall be the same as if no joint resolution had been received from the other House, except that the vote on passage shall be on the joint resolution of the other House.
#
#
“(B)
Treatment of joint resolution of other house.—
If the Senate fails to introduce or consider a joint resolution under this subsection, the joint resolution of the House of Representatives shall be entitled to expedited floor procedures under this subsection.
#
“(C)
Treatment of companion measures.—
If, following passage of the joint resolution in the Senate, the Senate then receives the companion measure from the House of Representatives, the companion measure shall not be debatable.
#
“(D)
Consideration after passage.—
“(i)
In general.—
If Congress passes a joint resolution, the period beginning on the date the President is presented with the joint resolution and ending on the date the President signs, allows to become law without his signature, or vetoes and returns the joint resolution (but excluding days when either House is not in session) shall be disregarded in computing the calendar day period described in subsection (d).
#
“(ii)
Debate on a veto message.—
Debate on a veto message in the Senate under this subsection shall be 1 hour equally divided between the majority and minority leaders or their designees.
#
#
#
“(6)
Rules of house of representatives and senate.—
This subsection is enacted by Congress—
“(A)
as an exercise of the rulemaking power of the Senate and House of Representatives, respectively, and as such it is deemed a part of the rules of each House, respectively, but applicable only with respect to the procedure to be followed in that House in the case of a joint resolution, and it supersedes other rules only to the extent that it is inconsistent with such rules; and
#
“(B)
with full recognition of the constitutional right of either House to change the rules (so far as relating to the procedure of that House) at any time, in the same manner, and to the same extent as in the case of any other rule of that House.”
#
#
#

Temporary Suspension of Debt Ceiling

Pub. L. 113–3, § 2, Feb. 4, 2013, 127 Stat. 51, provided that:

“(a)
Suspension.—
Section 3101(b) of title 31, United States Code, shall not apply for the period beginning on the date of the enactment of this Act [Feb. 4, 2013] and ending on May 18, 2013.
#
“(b)
Special Rule Relating to Obligations Issued During Suspension Period.—
Effective May 19, 2013, the limitation in section 3101(b) of title 31, United States Code, as increased by section 3101A of such title, is increased to the extent that—
“(1)
the face amount of obligations issued under chapter 31 of such title and the face amount of obligations whose principal and interest are guaranteed by the United States Government (except guaranteed obligations held by the Secretary of the Treasury) outstanding on May 19, 2013, exceeds
#
“(2)
the face amount of such obligations outstanding on the date of the enactment of this Act.
#
An obligation shall not be taken into account under paragraph (1) unless the issuance of such obligation was necessary to fund a commitment incurred by the Federal Government that required payment before May 19, 2013.”
#

Treatment of Certain Obligations of United States

Pub. L. 104–115, § 1(a)–(c), Mar. 12, 1996, 110 Stat. 825, authorized Secretary of the Treasury to issue to each Federal fund obligations of United States under this chapter before Mar. 30, 1996, in amount not to exceed certain designated limits, exempted such obligations from public debt limit and provided for termination of such exemption, and defined “Federal fund” for purpose of section.

Timely Payment of March 1996 Social Security Benefits Guaranteed

Pub. L. 104–103, § 1, Feb. 8, 1996, 110 Stat. 55, as amended by Pub. L. 104–115, § 1(d), Mar. 12, 1996, 110 Stat. 825, authorized Secretary of the Treasury to issue, before Mar. 1, 1996, obligations of United States under this chapter in amount equal to monthly insurance benefits payable in March 1996 under title II of Social Security Act (42 U.S.C. 401 et seq.), exempted such obligations from public debt limit and provided for termination of such exemption.

Repeal of Permanent Increase in Public Debt Limit

Pub. L. 98–302, § 1, May 25, 1984, 98 Stat. 217, which permanently increased the public debt limit by $30,000,000,000 effective May 25, 1984, was repealed by Pub. L. 98–342, § 1(b), July 6, 1984, 98 Stat. 313, effective on and after July 6, 1984.

Temporary Increases in Public Debt Limit

The public debt limit set forth in this section was temporarily increased for limited periods by the following acts:

Oct. 28, 1990, Pub. L. 101–467, § 106, 104 Stat. 1087—Increase to $3,230,000,000,000 for the period Oct. 28, 1990, to Nov. 5, 1990.

Aug. 9, 1990, Pub. L. 101–350, § 1, 104 Stat. 403, as amended Oct. 2, 1990, Pub. L. 101–405, § 1, 104 Stat. 878; Oct. 9, 1990, Pub. L. 101–412, § 114, 104 Stat. 897; Oct. 19, 1990, Pub. L. 101–444, § 114, 104 Stat. 1033; Oct. 25, 1990, Pub. L. 101–461, § 114, 104 Stat. 1078—Increase to $3,195,000,000,000 for the period Aug. 9, 1990, to Oct. 27, 1990.

Aug. 7, 1989, Pub. L. 101–72, § 1, 103 Stat. 182—Increase of $70,000,000,000 for the period Aug. 7, 1989, to Oct. 31, 1989.

Aug. 10, 1987, Pub. L. 100–84, 101 Stat. 550—Increase to $2,352,000,000,000 for the period Aug. 10, 1987, to Sept. 23, 1987.

May 15, 1987, Pub. L. 100–40, § 1(a), 101 Stat. 308, as amended July 30, 1987, Pub. L. 100–80, § 1(a), 101 Stat. 542—Increase to $2,320,000,000,000 for the period May 15, 1987, to August 6, 1987. [Section 1(b) of Pub. L. 100–80 provided that: “The amendment made by subsection (a) [amending section 1(a) of Pub. L. 100–40] shall take effect on the date of the enactment of this Act [July 30, 1987].” ]

Nov. 14, 1985, Pub. L. 99–155, § 1, 99 Stat. 814—Provided for a temporary increase of an amount determined by the Secretary of the Treasury as necessary, but not to exceed a public debt limit of $1,903,800,000,000 for the period Nov. 14, 1985, to Dec. 6, 1985.

June 28, 1982, Pub. L. 97–204, 96 Stat. 130—Increase of $743,100,000,000 for the period June 28, 1982, to Sept. 30, 1982.

Sept. 30, 1981, Pub. L. 97–49, 95 Stat. 956—Increase of $679,800,000,000 for the period Oct. 1, 1981, to Sept. 30, 1982.

Repeals of Temporary Increases in Public Debt Limit

Pub. L. 103–12, Apr. 6, 1993, 107 Stat. 42, providing for a temporary increase in public debt limit to $4,370,000,000,000 for the period Apr. 6, 1993, to Sept. 30, 1993, was repealed by Pub. L. 103–66, title XIII, § 13411(b), Aug. 10, 1993, 107 Stat. 565, effective Aug. 10, 1993.

Pub. L. 99–509, title VIII, § 8201, Oct. 21, 1986, 100 Stat. 1968, providing for a temporary increase in public debt limit of $189,000,000,000 for the period Oct. 21, 1986, to May 15, 1987, was repealed by Pub. L. 100–40, § 1(b), May 15, 1987, 101 Stat. 308, effective May 15, 1987.

Pub. L. 97–270, Sept. 30, 1982, 96 Stat. 1156, providing for a temporary increase in public debt limit of $890,200,000,000 for the period Oct. 1, 1982, to Sept. 30, 1983, was repealed by Pub. L. 98–34, § 1(b), May 26, 1983, 97 Stat. 196, effective May 26, 1983.

The following acts which temporarily increased the public debt limit for limited periods were repealed by Pub. L. 97–258, § 5(b), Sept. 13, 1982, 96 Stat. 1068:

Pub. L. 97–48, Sept. 30, 1981, 95 Stat. 955, provided for a temporary increase of $599,800,000,000 for the period Sept. 30, 1981, to Sept. 30, 1981.

Pub. L. 97–2, Feb. 7, 1981, 95 Stat. 4, provided for a temporary increase of $585,000,000,000 for the period Feb. 7, 1981, to Sept. 30, 1981.

Pub. L. 96–556, § 1, Dec. 19, 1980, 94 Stat. 3261, provided for a temporary increase of $535,100,000,000 for the period Oct. 1, 1980, to Sept. 30, 1981.

Pub. L. 96–286, § 1, June 28, 1980, 94 Stat. 598, provided for a temporary increase of $525,000,000,000 for the period June 28, 1980, to Feb. 28, 1981.

Pub. L. 96–78, title I, § 101(a), Sept. 29, 1979, 93 Stat. 589, as amended Pub. L. 96–256, May 30, 1980, 94 Stat. 421; Pub. L. 96–264, § 1, June 6, 1980, 94 Stat. 439, provided for a temporary increase of $479,000,000,000 for the period Sept. 29, 1979, to June 30, 1980.

Pub. L. 96–5, § 1, Apr. 2, 1979, 93 Stat. 8, providing for a temporary increase of $430,000,000,000 for the period Apr. 2, 1979, to Sept. 30, 1979, was also repealed by Pub. L. 96–79, title I, § 101(b), Sept. 29, 1979, 93 Stat. 589.

Pub. L. 95–333, § 1, Aug. 3, 1978, 92 Stat. 419, providing for a temporary increase of $398,000,000,000 in the public debt limit for the period Oct. 3, 1978, to Mar. 31, 1979, was also repealed by Pub. L. 96–5, § 2, Apr. 2, 1979, 93 Stat. 8.

Pub. L. 95–120, § 1, Oct. 4, 1977, 91 Stat. 1090, as amended, providing for a temporary increase of $352,000,000,000 in the public debt limit for the period Oct. 4, 1977, to July 31, 1978, was also repealed by Pub. L. 95–333, § 2, Aug. 3, 1978, 92 Stat. 419.

Pub. L. 94–334, § 1, June 30, 1976, 90 Stat. 793, providing for a temporary increase of $300,000,000,000 in the public debt limit for the period Apr. 1, 1977, to Sept. 30, 1977, was also repealed by Pub. L. 95–120, § 2, Oct. 4, 1977, 91 Stat. 1090.

Pub. L. 94–232, § 1, Mar. 15, 1976, 90 Stat. 217, provided for a temporary increase of $227,000,000,000 for the period Mar. 15, 1976, to June 30, 1976.

Pub. L. 94–132, § 1, Nov. 14, 1975, 89 Stat. 693, providing for a temporary increase of $195,000,000,000 in the public debt limit for the period Nov. 14, 1975, to Mar. 15, 1976, was also repealed by Pub. L. 94–232, § 2, Mar. 15, 1976, 90 Stat. 217.

Pub. L. 94–47, § 1, June 30, 1975, 89 Stat. 246, providing for a temporary increase of $177,000,000,000 in the public debt limit for the period June 30, 1975, to Nov. 15, 1975, was also repealed by Pub. L. 94–132, § 2, Nov. 14, 1975, 89 Stat. 693.

Pub. L. 94–3, § 1, Feb. 19, 1975, 89 Stat. 5, providing for a temporary increase of $131,000,000,000 in the public debt limit for the period Feb. 19, 1975, to June 30, 1975, was also repealed by Pub. L. 94–47, § 2, June 30, 1975, 89 Stat. 246.

Pub. L. 93–325, § 1, June 30, 1974, 88 Stat. 285, providing for a temporary increase of $95,000,000,000 in the public debt limit for the period June 30, 1974, to Mar. 31, 1975, was also repealed by Pub. L. 94–3, § 2, Feb. 19, 1975, 89 Stat. 5.

Pub. L. 93–173, § 1, Dec. 3, 1973, 87 Stat. 691, providing for a temporary increase of $75,700,000,000 in the public debt limit for the period of Dec. 3, 1973, to June 30, 1974, was also repealed by Pub. L. 93–325, § 2, June 30, 1974, 88 Stat. 285, eff. June 30, 1974.

Pub. L. 92–599, title I, § 101, Oct. 27, 1972, 86 Stat. 1324, as amended Pub. L. 93–53, § 1, July 1, 1973, 87 Stat. 134, providing for a temporary increase of $65,000,000,000 in the public debt limit for the period of Nov. 1, 1972, to Nov. 30, 1973, was also repealed by Pub. L. 93–173, § 2, Dec. 3, 1973, 87 Stat. 691, eff. Dec. 3, 1973.

Pub. L. 92–250, Mar. 15, 1972, 86 Stat. 63, as amended Pub. L. 92–336, title I, § 1, July 1, 1972, 86 Stat. 406, provided for a temporary increase of $20,000,000,000 for the period Mar. 15, 1972, to Oct. 31, 1972.

Pub. L. 92–5, title I, § 2(a), Mar. 17, 1971, 85 Stat. 5, as amended July 1, 1972, Pub. L. 92–336, title I, § 1, 86 Stat. 406, provided for a temporary increase of $30,000,000,000 for the period of Mar. 17, 1971, to Oct. 31, 1972.

Pub. L. 91–301, § 2, June 30, 1970, 84 Stat. 368, providing for a temporary increase of $15,000,000,000 in the public debt limit for the period of June 30, 1970, to June 30, 1971, was also repealed by Pub. L. 92–5, title I, § 2(b), Mar. 17, 1971, 85 Stat. 5, eff. Mar. 17, 1971.

Pub. L. 91–8, § 2, Apr. 7, 1969, 83 Stat. 7, provided for a temporary increase of $12,000,000,000 for the period Apr. 7, 1969, to June 30, 1970.

Pub. L. 90–3, Mar. 2, 1967, 81 Stat. 4, provided for a temporary increase from $285,000,000,000 to $336,000,000,000 for the period Mar. 2, 1967.

Pub. L. 89–472, June 24, 1966, 80 Stat. 221, provided for a temporary increase from $285,000,000,000 to $330,000,000,000 for the period July 1, 1966, to June 30, 1967.

Pub. L. 89–49, June 24, 1965, 79 Stat. 172, provided for a temporary increase from $285,000,000,000 to $328,000,000,000 for the period July 1, 1965, to June 30, 1966.

Pub. L. 88–327, June 29, 1964, 78 Stat. 255, provided for a temporary increase from $285,000,000,000 to $324,000,000,000 for the period June 29, 1964, to June 30, 1965.

Pub. L. 88–187, Nov. 26, 1963, 77 Stat. 342, provided for a temporary increase from $285,000,000,000 to $309,000,000,000 for the period Dec. 1, 1963, to June 30, 1964 and a further increase of $6,000,000,000 for the period Dec. 1, 1963 through June 29, 1964 because of variations in the timing of revenue receipts.

Pub. L. 88–106, Aug. 27, 1963, 77 Stat. 131, provided for a temporary increase from $285,000,000,000 to $309,000,000,000 for the period Sept. 1, 1963, to Nov. 30, 1963.

Pub. L. 88–30, § 1(2), May 29, 1963, 77 Stat. 50, provided for a temporary increase from $285,000,000,000 to $309,000,000,000 for the period July 1, 1963, to Aug. 31, 1963.

Pub. L. 88–30, § 1(1), May 29, 1963, 77 Stat. 50, provided for a temporary increase from $285,000,000,000 to $307,000,000,000 for the period May 29, 1963, to June 30, 1963.

Pub. L. 87–512, § 1(3), July 1, 1962, 76 Stat. 124, provided for a temporary increase from $285,000,000,000 to $300,000,000,000 for the period June 25, 1963, to June 30, 1963.

Pub. L. 87–512, § 1(2), July 1, 1962, 76 Stat. 124, provided for a temporary increase from $285,000,000,000 to $305,000,000,000 for the period Apr. 1, 1963, to June 24, 1963.

Pub. L. 87–512, § 1(1), July 1, 1962, 76 Stat. 124, provided for a temporary increase from $285,000,000,000 to $308,000,000,000 for the period July 1, 1962, to Mar. 31, 1963.

Pub. L. 87–414, Mar. 13, 1962, 76 Stat. 23, provided for a temporary increase from $285,000,000,000 to $300,000,000,000 for the period Mar. 13, 1962, to June 30, 1962.

Pub. L. 87–69, June 30, 1961, 75 Stat. 148, provided for a temporary increase from $285,000,000,000 to $298,000,000,000 for the period July 1, 1961, to June 30, 1962.

Pub. L. 86–564, title I, § 101, June 30, 1960, 74 Stat. 290, provided for a temporary increase from $285,000,000,000 to $293,000,000,000 for the period July 1, 1960, to June 30, 1961.

Pub. L. 86–74, § 2, June 30, 1959, 73 Stat. 156, provided for a temporary increase from $285,000,000,000 to $295,000,000,000 for the period July 1, 1959, to June 30, 1960.

Pub. L. 85–336, Feb. 26, 1958, 72 Stat. 27, provided for a temporary increase from $275,000,000,000 to $280,000,000,000 for the period Feb. 26, 1958, to June 30, 1959.

July 9, 1956, ch. 536, 70 Stat. 519, provided for a temporary increase from $275,000,000,000 to $278,000,000,000 for the period July 1, 1956, to June 30, 1957.

Aug. 28, 1954, ch. 1037, 68 Stat. 895, as amended by act June 30, 1955, ch. 256, 69 Stat. 241, provided for a temporary increase from $275,000,000,000 to $281,000,000,000 for the period Aug. 28, 1954, to June 30, 1956.

Restoration of Trust Fund Investments

Provisions requiring the Secretary of the Treasury to restore certain Federal trust funds and Government accounts to the position they would have been if the debt limitation of 31 U.S.C. 3101(b) had not prevented them from investing funds during specific periods were contained in the following acts:

Pub. L. 101–508, title XI, § 11901(b), Nov. 5, 1990, 104 Stat. 1388–560.

Pub. L. 101–140, title III, § 301, Nov. 8, 1989, 103 Stat. 833.

Pub. L. 99–177, title II, § 272, Dec. 12, 1985, 99 Stat. 1095.